Posts Tagged ‘BitBean trading’

Bitbeans (BITB) is a new crypto currency designed for scale-ability, speed and lightening fast transactions! It features an innovative Proof of Stake algorithm that more closely resembles traditional Proof of Work crypto currencies. BitBean is the first crypto to impliment 20MB blocks, based off Gavin Andersen’s proposals to fix Bitcoin’s scale-ability limitations.

SHA-256 ASIC mining is energy efficient so it was chosen as the algorithm for the pow period. After initial distribution of 10,000 blocks, to those who mined all around the world, BitBean became a pure Proof of Stake (PoS) crypto currency. PoS was active during the PoW mining period, so about a third of those 10,000 blocks issued were proof of stake blocks. BitBean’s money supply is currently over 600 million virtual beans created. The amount of existing BitBeans is still small compared to the maximum cap of 50 billion BitBeans that are yet to be created with pure Proof of Stake.

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